Modi launches Act Far East Policy for Russia; announces $1 bn support

Prime Minister Narendra Modi on Thursday launched 'Act Far East' policy and asserted that India will walk shoulder-to-shoulder with Russia in its development of the Far East as he announced a $ one billion line of credit for the development of the resource-rich region.

Addressing the plenary session of the 5th Eastern Economic Forum in Vladivostok, Modi said the friendship between India and Russia was not restricted to governmental interactions in capital cities, but was about people and close business relations.

India's connection to Russia's Far East go back a long way. India was the first country to open a Consulate in Vladivostok, he said as he recalled that even during Soviet Russia when there was restrictions on other foreigners, Vladivostok was open for Indians. For the development of Far East, India will give line of credit worth $ 1 billion. My government has actively engaged East Asia as part of its 'Act East' policy. I firmly believe that today's announcement will add a new dimension to the economic diplomacy of the two countries, Modi said at a packed house in Vladivostok.

He was the Chief Guest at the Eastern Economic Forum. In many ways India’s presence and involvement in sparsely populated Russian Far East as part of its Indo-Pacific strategy will balance Chinese presence in this region of Russia on the Pacific coast.

The Prime Minister, in the presence of Russian President Vladimir Putin, also unveiled the Act Far East policy to boost India's engagement with Russia's Far East region. Let us deepen the bond between India and Russia even further. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region's progress, Modi suggested.